>Despite the criminal charges, Hayes — a Hong Kong resident — has remained out of reach of U.S. authorities because of a suspended extradition treaty.
The entire BitMex situation is a legal can of worms.
BitMex is incorporated in the Seychelles and Hayes is a resident of Hong Kong.
BitMex may indeed belatedly have started figuring out the identity of their users in order to forbid access to US persons, but they actually did try within reason after the CFTC notified them of the issue.
The only element left is that Hayes happens to be a US citizen.
In the meanwhile, the CFTC have clearly denied the sovereignty of other independent countries, have overruled their legal system, and have asserted globalist jurisdiction. Hence, they are simply behaving as *globalist bullies*.
>This is dangerous territory for the CFTC.
Yes, true. They cannot keep globalist bullying like that. It is going to backfire.
>The last thing any industry wants is what the CFTC appears to be doing: regulation by enforcement, in which agencies decide that some practices should have been illegal, and instead of declaring it illegal from now on through rulemaking, go back and prosecute the people who were doing it before.
Yes, that is exactly what they are doing with Hayes now. That is going to go wrong.